In a major achievement for the intrepid young LuLu Money application, the mobile app has made its entry in the Forbes Middle East’s first list of the “Top 15 Fintech Apps in The Middle East”. The apps which have made it to the list are helping customers make payments, remit money, borrow, and invest online.
According to Forbes, the LuLu Money app was downloaded over 890,000 times and processed 825,000 transactions in 2020, worth over 730 million dollars, attesting to the application’s popularity among users.
Recently, the app introduced an e-wallet for expats from the Philippines. It also enables WPS Salary Cards as a payment option for remittances. It launched the payroll management card, “My Pay My Card,” in partnership with the First Abu Dhabi Bank, through which users can make transactions without any bank accounts. This is the biggest achievement for LuLu Money App till date.
Of the 15 top fintech apps, six companies are based in the UAE, followed by four in Egypt, three in Kuwait, one in Jordan, and one in Saudi Arabia. Forbes sent out questionnaires to Middle Eastern Fintechs and the most well-known currency exchanges. The survey methodology excluded fintech apps owned by traditional banks and telecommunication companies. They took into account factors such as the amount of money executed through the app in 2020, number of downloads and active users and date of establishment.
LuLu Money came 10th on the list of apps which included other companies such as myFawry, MyFatoorah, valU, MoneyFellows, tabby, AMAN, etc.